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BS topic 4
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- 1What is outsourcing?Using external employees to complete tasks for the business.
For example Treliske outsource cleaning services to Mitie. - 2What is offshoring?Production is taken from the UK to an overseas base.
- 3Advantages of offshoring-Cheap labour
- Recruitment, selection and training costs can be less
- Reduce stress on UK employees
-Current employees focused on core jobs
-Different skill sets acquired
- Slack laws - 4Disadvantages of offshoring-The UK staff will fear job security
-Quality is much harder to inspect
-Customers service issues due to language and cultural differences
-Government miss out on tax
-Communication harder --> time zones - 5Critical Path Analysis (CPA)This is the process of planning the sequence of activities in a project in order to discover the most efficient and quickest way of completing it.
The critical path is the sequence of activities in a project that must be completed on time to prevent delay to the overall project - in other words in which order should the activities be completed? - 6CPA example:
- 7What is a float time?This is the amount of time that non-critical activities within a project can be delayed without it affecting the deadline for completion of the project as a whole.
- 8Benefits of CPA-Improvements in the efficiency of a firms resources (e.g. reduced cost) this will improve a firms competitiveness
-This process tells the business when activities are scheduled to take place this helps a business to resource plan e.g. raw materials (JIT)
-Can be used to monitor and control and to ensure that plans are on schedule
-Can improve the firms relationship with the customer - the customer knows when an item is going to be ready. - 9Problems of using CPA-It can encourage rigidity (may be possible along the way to reduce the time span but manages may stick to the critical path)
-Complex activities may be difficult to represent accurately on a network
-CPA relies on estimates if these are inaccurate the process can break down.
-A firm can focus too much on the time factor and forget all about the importance of quality and flexibility. - 10Cost Benefit Analysis (CBA)- CBA is a method for measuring the costs and benefits of an investment project.
-CBA involves calculating the private and public costs of a project and weighing them up against the private and public benefits.
-It wants to answer the simple question: which is greater costs or benefits.
-A business has to put a monetary value on these costs and benefits. - 11How is CBA used by the government ?- To work out the costs and benefits of a public project e.g building a new motorway
-For example, a benefit might be job creation, but a cost might be damage to the environment. - 12How is CBA used by businesses?- Businesses use CBA less frequently. They're more likely to use investment appraisal and decision tress etc.
- This is because a lot of businesses don't want to know the social costs of their activities (they'd rather ignore this!)
- After all if they knew about them they'd have to do something about them. - 13Private and Public costs/benefits
- 14Difficulties of CBA- Carrying out an accurate CBA is difficult because
1. Its hard to give an accurate financial value to cost/ benefit
2. Some benefits are intangible e.g. company reputation
3. Costs and benefits can be incorrectly calculated
4. How much of a cost or a benefit something is a matter of personal opinion. - 15Waste ManagementWaste Management in a business involves using resources effectively so that they minimise wasted resources, time and money.
- 16Benefits of good waste management- Lower financial costs (using resources efficiently to reduce waste and recycling saves money.)
- Less opportunity costs (saving money on waste means it can be spent elsewhere)
-Lower social costs (Having to dispose of less waste is beneficial for society)
-Less Environmental Costs (less pollution) - 17Options for Disposal of WasteBury it:
:) Easy and cheap
:( UK is rapidly running out of space
Burn it:
:) Gases can be cleaned before release and can also create useable energy
Recycle it:
:) Most environmentally friendly
:( Cant recycle everything
Reduce it:
:) More efficient production process
:( Costs a lot to set up and train staff. - 18What are decision trees?Quantitative (scientific) tool for comparing different possible outcomes from an investment. Based on probabilities.
- 19Advantages of decision trees1. Quantitate tool, increased accuracy of choosing the right decision.
2. Businesses will consider options they haven't previously considered.
3. Identifies the level of risk of each choice. - 20Disadvantages of Decision trees1. Probabilities are only an estimate
2. Managers can manipulate probabilities in their resources
3. Time log: difference in time between when a probability is set and the decision is already made. - 21Decision Trees(Probability x Profit/loss) -cost = total for option.
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- Descripción
- Fichas sobre BS topic 4, creado por katie.langridge el 20/12/2015.
- Creado por
- katie.langridge · dic 2015
- Actualizado
- 6 abr 2018
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